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The China-Russia gas relationship – what’s ahead?
*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Russia and China’s economic and political interests have converged over the past decade. This year, Gazprom has been proactively promoting Power of Siberia 2 via Mongolia – a commercially attractive yet geopolitically risky route. Besides cross-border pipelines, China is also looking to participate in Russia’s upstream sector, which boasts abundant, low-cost resources. Chinese players could further engage in NOVATEK’s future developments, such as Obskiy LNG and Arctic LNG-1. Nonetheless, Russian gas faces challenges as China seeks a balance between different import routes to diversify supply options. LNG’s growing role in meeting seasonal demand could constrain the ramp-up of Russian pipeline projects. The outlook for Russian gas supply to China may look volatile, but their energy cooperation will strengthen while deteriorating relationships with the West drive the two countries even closer.
Table of contents
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Executive summary
- Power of Siberia emerges as one of China’s most competitive gas sources
- Additional gas pipeline routes from Russia – the more the merrier?
- Embracing the Arctic chill – China’s growing appetite for Russian LNG
- Beyond economics – how geopolitics will always shape decision making
- Our key takeaways – what’s ahead in the China-Russia gas relationship?
Tables and charts
This report includes the following images and tables:
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Import prices at China borderDelivered costs to Shanghai city gateRussian piped gas exports to China
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Delivered costs to Beijing for pre-FID Russian pipeline optionsRussian LNG exports to ChinaDelivered costs to Shanghai for new LNG projectsRussia to China gas flowsInterstate tensions and recovery capacity of gas supply & transit countries of China
What's included
This report contains:
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